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Transaction volume rose to 28.74 billion as more Nigerians embraced digital wallets and agent banking.
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Cheque usage continued its sharp decline while retail electronic payments reached ₦3,458.77 trillion.
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The figures show that mobile money is becoming one of Nigeria’s fastest-growing financial infrastructures, not just another payment option.
Aug 03, (THEWILL) — The fastest-growing part of Nigeria’s financial system is no longer inside a bank branch.
It is happening through neighbourhood agents, mobile wallets, and smartphones.
The Central Bank of Nigeria’s 2025 Annual Report shows Nigerians carried out mobile money transactions worth ₦372.14 trillion last year, up from ₦205.31 trillion in 2024.
That represents an 81.26 per cent increase in value within a single year, adding almost ₦167 trillion to the country’s mobile money economy.
Growth was equally strong in the number of transactions. Mobile Money Operators processed 28.74 billion transactions in 2025, compared with 17.34 billion the previous year, a 65.77 per cent increase that points to deeper everyday use rather than a handful of high-value transfers.
Mobile money has always been promoted as a financial inclusion tool for people outside the traditional banking system.
The latest figures suggest it has grown into something much bigger. It is largely becoming part of how Nigerians pay bills, move money, receive income, and run businesses.
The CBN attributed the expansion to wider agent networks, improvements in digital financial services, and stronger collaboration across the payments ecosystem.
“In 2025, the volume and value of payment services offered by MMOs through their agent touchpoints and innovative technology continued to increase,” the apex bank said in its report, adding that the growth reflected “the increased onboarding of agents, advancements in digital financial solutions, and collaborations with relevant stakeholders.”
By the end of 2025, Nigeria had 84 licensed payment service providers operating across different segments of the payments industry.
These included eight Mobile Money Operators, among them OPay, PalmPay, Paga, eTranzact, Chams Mobile, VTNetwork, KongaPay, and Fortis Mobile Money.
Nigeria’s Payment Habits Are Changing
The rise in mobile money formed part of a much broader shift towards electronic payments.
According to the report, the total value of retail electronic payment transactions reached ₦3,458.77 trillion in 2025, an increase of 26.07 per cent from the previous year.
The CBN linked the growth to changing consumer preferences, stronger digital infrastructure, expanding e-commerce, and wider adoption of electronic payment channels.
Some of the biggest changes were seen across payment channels that Nigerians use every day.
ATM transaction volumes grew by 61.94 per cent to 1.66 billion, while USSD transactions increased by 20.89 per cent to 669.55 million.
Point-of-Sale transactions also maintained their upward trajectory, rising 19.78 per cent to 15.66 billion.
Not every digital channel recorded growth.
The report showed declines in transaction volumes conducted through mobile banking applications, internet platforms, and direct debit services, suggesting that consumers are spreading their payment activities across multiple channels instead of relying heavily on a single platform
Internet payments remained the largest contributor by value, accounting for 56.66 per cent of all retail electronic payments. Nigeria Electronic Funds Transfer followed with 21.62 per cent, while mobile applications contributed 11.13 per cent.
POS terminals accounted for 7.78 per cent, with ATMs, direct debits, and USSD making up the remainder.
Perhaps the clearest sign of changing payment behaviour came from cheques.
Cheque transactions, once central to business payments, continued their long decline. Their value dropped by 49.78 per cent to ₦1.84 trillion, while transaction volume fell by 57.79 per cent to 1.49 million.
To modernise the country’s payment system further, the CBN said it is working with the Nigeria Inter-Bank Settlement System (NIBSS) to develop electronic cheque and QR code payment solutions.
This expansion, which the CBN attributed to stronger economic activity and higher-value transfers, aligns with a broader global trend.
Vivek Badrinath, Director-General of GSMA, the global association representing the mobile industry also noted that “Mobile money has evolved from a simple way to move money into a global financial ecosystem, reshaping how hundreds of millions manage their financial lives. Adoption and regular use are surging, and value is scaling faster than volume.”
Nigeria’s latest payment data suggests that transformation is no longer a future ambition.
It is already changing how money moves across Africa’s largest economy.
